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France Property Guide Print E-mail
Europe - France

A property deal on the French soil is subject to numerous rules and regulations, which go through changes constantly. The French property market offers grandiose and artistic property choices, but the buyer has to go through an elaborate procedure to own the property. Hiring a French notarie for the purpose is essential, and while deciding of the French property agent, make sure that you are working with one who is well aware of the local as well as the national laws regarding property purchase in the area where the property in discussion is located.
The first step of buying a property in France is to do a survey of the property that you want to buy. It is important to carry on this survey before you sign the initial agreement, as you would not be able to break out of the deal after you have signed the agreement without paying a forfeit amount. The best way to proceed is to shortlist a few properties, through your references or through an internet search and then finalize among these shortlisted ones, the one that you would like to purchase. Surveying the property in France is not as easy as in England as the French mortgage lenders are more interested in your ability to repay the loan rather than which property you are choosing to buy. If you are worried about the structural condition of the property you intend to buy, then make it a point that you are hiring a builder or architect to survey the property and provide you with an estimate of the structural condition of the house. This is important, as according to French property laws, you will be required to obtain permission for carrying on renovation or restructuring of the property in France. The survey beforehand will keep you prepared for these permission formalities.  Carrying out a property survey in a French property is guided by a set of strict laws and you should make sure that you are getting the survey service only from accredited survey technicians. The Comite’ d’accreditation francais (COFRAC) and the Chambre Syndicale des Experts Immobiliers de France (CSEIF) aretwo such survey accreditation bodies. A property survey consists of surveying for the following conditions in the property: Asbestos, Lead, Termite, Energy efficiency, Natural or industrial risks, gas installations, electrical wiring and septic tank. 
While the survey is going on, continue with the other aspects of property planning such as enquiring whether there is requisite permission to carry on any renovation work in the property. Your French agent or notarie should be able to assist you in gathering information on the regulations governing the property purchase, and you should make sure that all the information from the agent is obtained as a written document.
Once you are sure about your property, you can proceed to sign the initial agreement called the Compromis de Vente. As you sign the Compromis de Vente, you would haveto deposit a percentage of the property price (usually 10%) at the notaries office, which might be paid to the seller in case you, the buyer, break the deal. However, if the deal is broken by the seller, the amount is usually returned to the buyer, however you should still check the local laws regarding this. After signing the first agreement, a period of 6-8 weeks is allowed to complete the legal formalities of buying the house and finalizing the deal. Eventually, the deal is finalized by signing the acte de vente at the notarie’s office and the property passes on to the buyer.  While buying a French property it is important to remember that the notarie does not act on behalf of either party in the transaction. The notary is a public official who is duty bound to the state and overlooks whether the transaction is carried on strictly according to the French legal system. 

 

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